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Big Three rescue package passes first stage of approval

The US House of Representatives has voted in favour of a £9.4bn loan package for GM, Ford and Chrysler.

The Big Three had asked for £30.2bn but the US Government is only prepared to lend £9.4bn due to growing concerns over the use of tax payers’ money.

The bill now needs to gain the support of at least 60 of 100 US senators in order to pass and be signed by President George W. Bush.

The announcement follows news that the Swedish government is set to reveal a £2.35 billion aid package for Ford-owned Volvo and GM-owned Saab today.

The reports come from Swedish newspaper Dagens Industri, which has said the deal will include short-term loans as well as loan guarantees.

Ford and GM have already said they want to sell off their Swedish brands and have already held meetings with Swedish government over support.

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